Travel Centers of America LLC has agreed to acquire 31 convenience stores with retail gasoline stations for $67 million, before closing costs and customary working capital adjustments. The seller is a private company which operates these stores under its proprietary brand name Minit Mart.
Twenty-eight of the stores are located in Kentucky and three are in Tennessee. Twenty-seven of the locations include the ownership of land and buildings, while four are leaseholds. The typical location includes 10 fueling positions and approximately 5,000 square feet of interior space offering convenience store merchandise as well as some prepared food services.
During 2012, these stores dispensed an aggregate of 38 million gallons of fuel.
The transaction is subject to customary closing conditions, but TA currently expects it will close before year end 2013.